The Price of a Good or a Service Can Be

question 103

Multiple Choice

The price of a good or a service can be determined by free interaction of demand and supply or by a government price regulation.One important difference between these two price-determining methods is

• A)there are no shortages or surpluses at the free-market equilibrium price.
• B)regulated prices are fairer since more people can then afford the goods or services.
• C)that a regulated price above the equilibrium price will always result in shortages.
• D)the government is in the best position to know the needs of the people.
• E)one is capitalist and the other is communist.

---

Definitions:

Being

The existence or essence of a person, often considered in terms of consciousness, identity, and the nature of existence.

Ultimate Concern

A term describing something that is of utmost importance or the deepest value to an individual, often referring to existential or philosophical concerns.

Distress

Extreme anxiety, sorrow, or pain; a negative stress response that can lead to physical and psychological problems.

Structure

The arrangement and organization of components within a system or a piece of work, which defines its composition and function.